Citibank India profit soars 41 pct to Rs 2,718 cr

SummaryCitibank India today reported a 41.4 per cent rise in profit after tax for 2012-13.

Buoyed by robust growth in its commercial banking and mortgage businesses, Citibank India today reported a 41.4 per cent rise in profit after tax for 2012-13 at Rs 2,718 crore.

Citi India, part of US-based global banking giant Citibank, it also helped Indian clients raise USD 18 billion from equity and debt markets and advised on merger and acquisition deals worth USD 10.4 billion during the year.

Besides, it was a leading arranger of capital for the India financial system with close to USD 8.5 billion raised and played a key role in the Indian government's disinvestment programme, the bank said while announcing its financial results.

Citibank India's profit after tax rose by 41.4 per cent to Rs 2,718 crore during the financial year ended March 31, 2013, while profit before tax rose 39.2 per cent to Rs 4,589 crore.

At the end of last fiscal, Citibank India's total assets were Rs 1,28,380 crore, with advances growing by 10 per cent to Rs 52,036 crore and deposits rising by 3 per cent to Rs 66,559 crore.

The bank said that its capital adequacy ratio stood at a healthy rate of 15.90 per cent and the net NPA ratio was 1.47 per cent.

Commenting on the results, Citi India's Chief Financial Officer Abhijit Sen said the bank has delivered high quality earnings despite a challenging environment.

"During the financial year 2012-2013, we have seen sustained expansion in the commercial banking segment, high off-take of trade loans by global banking customers and growth in our mortgage business. Our capital position remains robust as it supports a larger balance sheet.

"It is critical for us to maintain focus on being a stable, efficient and strong institution," Sen added.

The bank opened three Smart Banking branches in Noida, Mumbai and Bangalore, while its cards business maintained a leading position in terms of spending per card with about 18.4 per cent market share.

The bank's mortgage book grew 16.7 per cen to Rs 9,949 crore in the year, while the overall Asset Under Management in its wealth management business stood at Rs 16,059 crore at the end of the last fiscal.

The bank said it also made 135 new hirings, under its Associate Program, from B-schools in India during the year, while the bank's Corporate Citizenship program made grants totaling Rs 12.68 crore during the fiscal.